The Bhutan government moved part of its BTC holdings to the Binance exchange as it sought to offload these coins. This move comes amid the recent parabolic rally for the Bitcoin price, which indicates that the government might simply be looking to secure profits.
Bhutan Sells $33 Million Worth Of Bitcoin
Arkham Intelligence data shows that the Royal Government of Bhutan moved just over 367 BTC ($33 million) to the Binance exchange today. This indicates that the government offloaded these coins in a move that could be an act of profit-taking following the recent Bitcoin price rally.
The government had made a similar move about two weeks ago when they sold $66 million worth of BTC through the top exchange. Back then, they sold those coins just as the Bitcoin price rallied above $70,000.
On-chain data shows that Bhutan still holds 12,206 BTC ($1.11 billion), which they may likely offload as the Bitcoin price continues to rally in this bull run. BTC has witnessed a parabolic rally since pro-crypto Donald Trump won the election. This has led to predictions that the flagship crypto could hit $100,000 by year-end.
Interstingly, under the Donald Trump administration, the US looks likely to match Bhutan’s active approach of accumulating the flagship crypto. Although the US is currently the largest Bitcoin holder among governments, its BTC holdings have come through seizures rather than actively accumulating the coin.
However, Trump has promised to create a Strategic Bitcoin Reserve using these BTCs. Furthermore, pro-crypto Senator Cynthia Lummis has proposed a bill allowing the US to acquire 1 million BTC annually over the next five years.
What’s Next For BTC?
Bhutan’s BTC shows how some investors may be securing profits following the recent Bitcoin price rally. This could put significant selling pressure on the flagship crypto and lead to a price correction in the short term. Crypto analyst Ali Martinez also suggested that a price correction was imminent.
In an X post, the analyst stated that a Bitcoin price correction could be underway as the TD Sequential indicator presents a sell signal on the daily chart. This puts BTC at risk of dropping below $90,000.
However, it is worth mentioning that while some whales like Bhutan are offloading their coins, others are still accumulating for the next leg of the bull run. Martinez shared Santiment data which showed that Bitcoin whales have bought over 100,000 BTC in the past week.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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